When it comes to new and improved payment technology infrastructure, Canadian businesses have led the way thanks to domestic corporations’ receptiveness and support of new payment technology. A recent report found that 80% of Canadian retailers possess terminals with near-field communication, or NFC, capability. Additionally, one out of 10 transactions is made contact-less, while 80% of major retailers in Canada accept contact-less payments.
Unlike the United States, contact-less chip cards are by far the preferred method of payment in Canada. In the states, smartphones are more geared toward mobile payments because most cards issued in the United States lack contact-less capabilities. With Canadian contact-less payments growing at a rapid pace of 16.4% a year, small businesses would be smart to begin offering these modern payment options to their customers.